WiCrypt, Africa’s first blockchain-based WiFi sharing network has named Onega Ventures as the sole distributor of its devices in China, marking the startup’s expansion into the Asian country.
Launched in 2018, WiCrypt enables individuals to easily access WiFi by downloading their app and sharing their mobile device's connection or utilizing a specialised WiCrypto hotspot creator device. This device can be customized to include surveys, ads, and the capability to gather customer data.
Connected devices in the WiCrypt network are uniquely represented by NFTs (Non-Fungible Tokens) linked to the blockchain. All data transmitted through these devices is instantly reflected on the blockchain via the corresponding NFTs on the WiCrypt block explorer.
WiCrypt compensates hosts for providing WiFi, with users paying for the service. Additionally, hosts are further incentivized through the native token, $WNT, as a reward for maintaining high device uptime.
Presently, WiCrypt’s decentralized physical infrastructure network comprises nearly 1,100 hotspots distributed across over 30 countries. These hotspots cater to over 45,000 accounts and facilitate the transmission of over 895 terabytes of data.
In 2021 when the Enugu-based Web3 startup raised $1.5 million, it disclosed plans to expand into new markets, this expansion is one of them. China, being the world's second-largest economy, boasts a population of 1.4 billion, with 800 million individuals actively using the Internet.
“We plan to develop the Wicrypt network model in China! So that everyone can earn passive revenue while going about their daily internet activities,” Wicrypt CEO Ugochukwu Aronu said in a statement seen by Bendada.com. “Bruno YU, COO of Onega Ventures, is one of the early investors in Wicrypt. He will help us realise the dream of expanding fully into China.”
In Nigeria, Wicrypt is backed by the Nigerian Communications Commission. The telco regulator invested $5,500 into the startup, in its early days.
According to Aronu, “Wicrypt is providing last-mile internet to people of the world who need it while leveraging the blockchain by having hosts stake $WNT to become a part of the Wicrypt Network. This ensures overall security of the network and that hosts do not perform malicious actions while providing internet connections to clients.”
This is a developing story